Funding Rates for Five Major Assets Turn Negative as Storage Stocks Face Short Selling After Rebound

On July 31, Hyperinsight monitoring showed that the three major storage companies rebounded in sync with U.S. stock indices, but the funding rates for SKHX, SNDK, MU, the S&P 500, and XYZ100 have all turned negative. The 8-hour funding rates for SKHX, SNDK, and MU were -0.2544%, -0.0242%, and -0.0032%, respectively; the S&P 500 and XYZ100 were -0.0139% and -0.0075%, respectively. The nominal value of open contracts for the three major storage companies decreased from $1.022 billion to $853 million, a reduction of approximately $170 million, or 16.6%. Among them, SKHX shrank by 29.5%; in terms of contract quantity, the open interest for SKHX, SNDK, and MU decreased by 39.3%, 5.3%, and 4.2%, respectively. In contrast, the nominal positions for the S&P 500 and XYZ100 increased from $752 million to $781 million, a growth of 3.9%; the number of contracts increased by approximately 1.0% and 6.6%, respectively. With the index rising, positions increasing, and rates turning negative, the characteristics of new short positions are becoming more apparent. SKHX continued its deleveraging, with 43 million-dollar SKHX long positions collectively reducing their holdings by about $175 million, of which 34 addresses completely cleared their positions; the net reduction in long positions was approximately $117 million. Overall, million-dollar addresses net reduced long positions by about $161 million and net reduced short positions by about $271 million over the past 24 hours.